Entrepreneurship And Business Idea Development: An Essay

The formative and summative assessments in this module are intimately related to each other as the entrepreneurial process that students learn in developing their venture in their formative assessment is exactly the same as the process that must then be explained, in writing, by drawing on scholarly literature.  

As students’ essays will be written for academic examiners they must show a critical understanding of:

1) entrepreneurship literature/themes, that are outlined in class, &

2) how their chosen themes may help in guiding their choice of business idea, the value proposition and in assessing & developing the idea as a new venture in the market.

Students should choose only two entrepreneurial themes to guide their choices in this essay. First, literature to support the entrepreneurial opportunity should be chosen and this should be drawn on to explain the student’s choice of entrepreneurial idea. Additionally, literature/themes of new venture development should be chosen and this should be drawn on to explain one or more possible ways, again at students’ discretion, in which their idea may be developed, with suitable value propositions, in the market. The sections that must be included in students’ essay are as follows:

1. Introduction to the entrepreneurial opportunity/idea and its value proposition 
2. Critical presentation of students’ two entrepreneurship themes (word count: , &
3. Development plans for students’ idea based on their chosen development themes (word count: 

Students should begin their essay with a brief discussion of the uniqueness and creativity of the idea behind their venture, and not of the technical specifications or sophistication of the idea. Following this initial description, students should focus on points 2. and 3. above in explaining why their idea matters and how their chosen themes support their idea and its development.

Indicative Marking Scheme for Individual Essays:

1. Analysis of two themes of the student’s choice: first, of entrepreneurial opportunity for sourcing the student’s idea, and second, of entrepreneurial development for developing the chosen idea, including an explanation of why the chosen literature is important to the student: 30%
2. Explanation of the idea’s value proposition in the market by drawing on literature to support students’ remarks. 
3. Evidence of imagination in drawing on elements of the literature to produce an interesting and plausible account of their choice of idea and one or more ways in which the idea may be developed:
4. Structure and content in evaluating and presenting the student’s analysis, including relevant application of diagrams, tables and appendices, as appropriate. Preparation and presentation (length, use of academic conventions, grammar, paragraphing, layout, and proofreading): 10%

In addition to these summative assignments, other formative assessments may be set up in seminars to help students develop entrepreneurial skills, and these assessments will involve questions, debates, quizzes, and exercises to test students’ entrepreneurial aptitude and develop suitable skills for new venture creation.

How will your assessments be supported by your module Tutors?

1. One week’s dedicated seminar on your summative assessment (An extra class will be offered in the week following students’ last scheduled lecture)
2. Formative feedback on one draft
3. Links to the assessment throughout your seminars
4. Assignment hand-in checklist
5. Feedback on your findings in seminars
6. FAQs on Moodle

The Relationship between Formative and Summative Assessments

Organization is accompanied with the complex set of activities in which various functions are performed. This report has reflected the key understanding on the opportunities and ideas of entrepreneurship and value creation of the business. In the starting of this report, entrepreneurship themes and other key skills of Entrepreneurship and leadership have been taken into consideration. After that particular Entrepreneurship them ideas and chosen development them has been discussed in determined approach.

There are several entrepreneurial opportunities and ideas which could be used to create value on the invested capital. The main entrepreneurial opportunities or ideas which could be undertaken to start up a new business is developing cyber computing based application software which will help retails businessmen to connect with the whole seller. This business idea or opportunity is very much unique and would surely increase the overall return of the investors. Ideally, entrepreneurial opportunities or ideas are completely based on the market factors and clients demand. It is observed that entrepreneurs are the persons who take all the financial risk and take business loss and profit with a view to increase their overall return throughout the time. This helps entrepreneurs to create value on their invested capital and enhance the business functioning in determined approach.

The business idea is to develop cyber computing based application software which will help retails businessmen to connect with the whole seller in easy and determined approach. This cyber computing system is newly created innovated technologies which will generate a nexus between retails seller and wholesalers to connect with each other. This will be developed in form of application which will be available for the public after installing particular app and then they will have to create particular user name and ID. It is considered that their developed user Id and all the information will be protected through the encrypted message and details which will surely help investors to create value on their investment. This business idea could be implemented by following proper level of systematic functioning and proper valuation methods. For instance, if entrepreneurs could develop this particular app then it will keep the retails sellers to ahead from the existing step to increase the effectiveness of the connectivity with other wholesalers. This is the most unique and advanced business idea which will surely increase the invested capital in determined approach. This level of business idea should be followed in proper strategic manner to create value of the business. If entrepreneur’s analysis all the internal and external factors in determined approach then only developed business idea could be successful. The business idea of developing application for the better connectivity of the retails stores and wholesaler is completely based on the features and developed skills in determined approach. However, main challenge in this business idea is related to hiring IT experts by entrepreneur in their business functioning. If proper level of training and development program is not implemented then it will not only hamper the existing business chain but also reduce the overcome outcome of this developed entrepreneur’s idea. With the ramified economic changes and complex business structure, it is observed that entrepreneur needs to customize its business idea and developed entrepreneur’s idea as per the client’s needs and demand in market. This is the only recourse which could be used by entrepreneurs to increase the overall return and investment of company. If these entrepreneurs could observe all the internal and external factors in determined approach then it will not only increase the overall outcomes of business but also offer newly innovative technologies in market. An entrepreneur also needs to conduct proper policies and program to increase the overall productivity of the company. With the ramified economic changes and effective business functioning, Entrepreneurship and leadership is the most required intent to run the business effectively (Baptista, et al. 2013).

Critical Understanding of Entrepreneurship Literature/Themes

It is the innovative, creative and new features intended to make a company or product alternative offered by company to customers. In this Value proposition of the services offered by entrepreneur is based on the innovative and technologies used in the developed application. It is observed that if this developed application is installed by the users then it will not only establish the proper nexus between retail stores and wholesalers in determined approach. In addition to this, it is observed that these developed application will surely provide systematic add to the users and encrypted devices in determined approach. Apart from that, these value propositions of newly developed business idea are related to increasing the overall satisfactions and clients value throughout the time.  If entrepreneur gives proper level of value proportion in its offered or developed product then it will increase the overall market share and turnover of entrepreneur in determined approach. Development of core competency in the developed business market is the key intent of success. If proper level of strategic plans and procedure is followed then it will attracts more users and clients to establish proper connectivity in determined approach. (Shu, Ren and Zheng, 2017).

The main business idea is to develop application software which will help retail stores and wholesalers to establish easy and determined communication channel for each other’s. With the help of this application, these retail stores and wholesalers could easily connect with each other’s and will also result to better connectivity and placing orders with each other’s. This level of entrepreneurship will add value to the society and will help retail stores and wholesalers to save their cost and time while communicating with each other’s.  However, in this developed business idea, the main two entrepreneurship themes are based on the sustainable business practice and innovative and creative techno leis used.

Sustainable business practice

With the increasing changes in clients’ needs and demand, each and every organization should endeavor towards adopting innovative and ethical business practice. This developed business idea of creating application which will increase the connectivity and communication between retail stores and wholesalers will add value to both the persons. However, this application is accompanied by the newly introduced technologies and system which will help users to create value in their investment. This application is developed for the retail stores and wholesalers who are engaged in business to business process system. This level of application is encrypted by the proper layer system and will increase the data privacy for all the clients. After evaluating the business process system of retail stores and wholesalers it is considered that these both businessmen are indulged in following manual business process system to place the orders and supplying the required level of material to each other’s (Vesperi, Reina and Gentile, 2015).  This developed application is proper formation which will provide the proper level of systematic virtual chain for the better and effective communication with each other’s. There are several benefits which will be grasped by these retail stores and wholesalers to increase the overall communication process system to increase the overall communication and save the time (Putta, 2014). Sustainability is the process which will not only increase the overall profit of company but also the brand image of company. This application system has high amount of potential and will be installed by those retail stores and wholesalers who wants to reduce the time involved in the particular working system. It is observed retail stores and wholesalers will have to install this application to establish proper chain (Yang, 2016).  This chain and unique user id will provide the systematic chain to place orders with each other. This application is unique and will provide proper dashboard to users. For instance, retails stores places orders with the wholesalers automatically once the order quantity reaches the economic order quantity in the warehouse. These intents of application and developed application have several qualities which will surely increase the value of the retail stores and wholesalers while communicating and placing orders with each other’s (Saad, and Ariffin, 2016).

Choosing Themes to Guide Business Idea Development

Innovation theme

This theme is based on the developed application which will keep clients one step ahead from the existing knowledge. It is considered that if entrepreneurs use newly developed business idea or plan to run their business then they will surely increase the value in their investment. The main entrepreneur idea which has been taken in this business plan is to provide a channel or create dashboard for the retail stores and wholesalers for the better communication. These two themes are the pillars of the success point of business. This developed business idea is based on the innovative technologies and new system of the organization. It is evaluated that entrepreneur has developed new innovative chain and effective working style which will help all the retail stores and wholesalers to establish proper level of communication and placing orders with each other (Μπιτζ?νης, and Nito, 2015). The main innovative intent in this developed application is that all the information is encrypted by the proper mechanism. This will help users to protect the overall privacy and increase the communication channel between each other’s in effective manner (Won, Hong and Cha, 2013).
After evaluating all the details business idea, it is considered that sustainable business practice is followed in proper manner and entrepreneur needs to make proper development in determined approach. This will be accompanied with the process in which changes in technologies development of this application on consistent basis is the key factor of business success. Businessmen needs to evaluate whether proper changes and consistent development (Orazem, Jolly and Yu, 2015).

If business man wants to develop an effective business functioning then it has to follow proper two strategic plans. These two strategies are the key pillars which create effective business functioning in determined approach. The business idea is to develop an application which will help retail stores and wholesalers to establish communication for the better working (Terziev, and Arabska, 2016).

It is further observed that this developed application is the key innovative application which will increase the overall client’s satisfaction. If businessmen want to run effective business functioning in market then it will have to follow proper business policies and measures such as developing strategic business plan, creating effective brand image. There are two main creative strategic plans which should be followed by businessman to increase the competitive position in market. In order to develop a business, entrepreneur needs to hire IT experts to handle all the key issues and working system to increase the overall productivity in determined approach (Harudin, Fattah and Ahman, 2016). However, these IT experts should be experienced and knowledgeable who could develop unique and cost effective application for the better communication of retails stores and wholesalers (Ibrahim, 2014).  
In this business plan, entrepreneur could have sustainable and innovative business functioning only when it follows two leadership strategic plans. One strategic plan which would be undertaken is cost leadership strategy which will allows clients to adopt application in their value chain activities at very low cost. This cost leadership strategic plan will increase the overall client’s satisfactions and decrease the overall cost associated with it. In addition to this, entrepreneur needs to make proper changes in the innovative business plan. There are several other rivals in the domestic and international market who are providing the same products and services. If entrepreneur could make consistent changes in its existing business functioning and including new features in its application then it will keep the satisfaction graph of retail stores high (Kuratko, 2016).

The Sections to Be Included in the Essay

Process to develop effective business plan of implementing application for the better communication between retails stores and wholesalers

Identifying the needs of market- Entrepreneur needs to evaluate whether there is need of this particular application or not in market. After considering the various factors, it is considered that retail stores and wholesalers are facing issues of communication with each other’s and consumes lot of time while placing orders. This increases the overall cost of the business. Therefore, this developed application will surely help retail stores and wholesalers to establish effective communication chain in determined approach (Ahghar and Mohammadi, 2014).

Analyzing the market factors- IT is required to understand the associated cost, market demand and proper application installation process which will be used by retails stores and wholesalers for the better communication. Entrepreneur needs to follow cost leadership and product differentiation strategy to increase the overall client’s satisfaction. Entrepreneur needs to increase the overall process system and working chain in determined approach.

Developing application- This will require proper hiring of IT experts and professionals who will indulge in research and development department to develop proper application. These applications should consist of all the characteristics which will keep all the manual communication working in virtual level. Encryption of all the clients’ details is the major key intent of this developed application. It is observed that if this application is installed by these retails stores then they will have to create user id which will help them to connect with other registered wholesaler through virtual connection method (García Peñalvo, 2015).

Installation of application- It is observed that if proper level of installation is done in users account then it will broaden the online market for the retail stores and wholesalers. All these retail stores and wholesaler needs to create user id and install the app. This will help all the retails stores to communicate with other wholesalers.

These above given are the process of implementing the developed business which will help the entrepreneur to run business effectively. After evaluating all the details and effective business strategic points it is determined that application developed will be helpful in generating effective communication chain for the retail stores and wholesaler. It is further observed that being an entrepreneur, all the internal and external factors needs to be analyzed. If these factors are analyzed then entrepreneur could easily implement proper level of developed application plan.

Conclusion:

With the ramified economic changes and effective business functioning, Entrepreneurship and leadership is the most required intent to run the business effectively. Now in the end, it could be inferred that if these proper level of business functioning and strategic plans are implemented then entrepreneur will have to understand all the key factors in determined approach. It is considered that this is the newly developed innovative application which is designed to reduce the complexity and strategic communication for all the retails store and wholesalers. By using this application they could not only strengthen the communication channel but also increase the level of business share in domestic and international market. Entrepreneurs should evaluate all the internal and external factors before implementing any business idea in market otherwise they will have to face high loss due to other foreseen factors. It is considered that Entrepreneurship and leadership is the most required intent to run the business effectively (Poschke, 2014).

References:

Ahghar, G. and Mohammadi, T., 2014. A study on the relationship between entrepreneur skills and psychological well-beings among medical students in Islamic Azad University. European Online Journal of Natural and Social Sciences, 2(3 (s)), pp.pp-3329.

Baptista, R., Lima, F. and Preto, M.T., 2013. Entrepreneurial skills and workers’ wages in small firms. Small Business Economics, 40(2), pp.309-323.

García Peñalvo, F.J., 2015. Entrepreneurial and problem solving skills in software engineers.

Harudin, K., Fattah, N. and Ahman, E., 2016. The Effectiveness of Enterpreneurship Learning in Developing Students’ Entrepreneurial Intentions.

Ibrahim, Y., 2014. THE ROLE OF ENTERPRENEURSHIP EDUCATION AND TRANSFORMATION AGENDA IN NIGERIA. International Journal of Social Sciences and Humanities Review, 4(4).

Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.

Orazem, P.F., Jolly, R. and Yu, L., 2015. Once an entrepreneur, always an entrepreneur? The impacts of skills developed before, during and after college on firm start-ups. IZA Journal of Labor Economics, 4(1), p.9.

Poschke, M., 2014. The firm size distribution across countries and skill-biased change in entrepreneurial technology. Browser Download This Paper.

Putta, S.S., 2014. Improving entrepreneur's management skills through entrepreneurship training. Journal of Commerce and Management Thought, 5(3), p.459.

Saad, N. and Ariffin, Z.Z., 2016. Academic Enterpreneurship Behavior: The Case of Public Universities in Malaysia. International Journal of Economics and Financial Issues, 6(6S).

Shu, R., Ren, S. and Zheng, Y., 2017, January. Build Network before use it: Entrepreneur Network Capability and Opportunity Discovery. In Academy of Management Proceedings (Vol. 2017, No. 1, p. 12928). Academy of Management.

Terziev, V. and Arabska, E., 2016. Social enterpreneurship, social values and social impact. The British Journal for the Philosophy of Science, p.1101.

Vesperi, W., Reina, R. and Gentile, T., 2015, September. Academic Knowledge Vs Enterpreneurship: The Spin off way. In European Conference on Knowledge Management (p. 828). Academic Conferences International Limited.

Won, H.S., Hong, J.H. and Cha, J.H., 2013. An effect on business performance of S&M business CEOs' enterpreneurship (Doctoral dissertation, Doctoral dissertation, Graduate School of Gachon University).

Yang, T.Y., 2016. The Enterpreneurship Opportunity of the Foreign Language Education and Cloud Interpretation.

Μπιτζ?νης, Α. and Nito, E., 2015. Lack of financial intermediaries as a decisive barrier to enterpreneurship in Albania. South-Eastern Europe Journal of Economics, 4(1).